Silver

Silver Is Stuck In The $22.50 – $22.70 Range

Key Insights

  • Silver failed to gain upside momentum despite weaker dollar. 
  • Meanwhile, gold returned to the $1865 level, which was bullish for silver. 
  • A move above the resistance at $22.70 will push silver towards the next resistance at $22.90.

Silver ETF Tries To Rebound At The Start Of The Trading Session

Silver  is currently stuck in the range between the support at $22.50 and the resistance at $22.70, while the U.S. dollar is under pressure against a broad basket of currencies. Meanwhile, iShares Silver Trust  is moving towards the $21.00 level.

The U.S. Dollar Index has recently managed to get below the support level at 103.25 and is moving towards the next support at the 103 level. In case the U.S. Dollar Index settles below 103, it will head towards the support level at 102.75, which may provide some support to silver and gold price today.

Gold failed to settle below the support at $1850 and moved towards the nearest resistance level at $1865, while SPDR Gold Shares ETF tested the $174 level. If gold manages to settle back above $1865, it will gain additional upside momentum and head towards the resistance at $1880, which will be bullish for silver.

Gold/silver ratio received support near the 82 level and is trying to settle back above 82.50. In case this attempt is successful, gold/silver ratio will head towards the 83 level, which will be bearish for silver.

Technical Analysis

silver may 3 2022

Silver has managed to stabilize after the recent sell-off. The nearest resistance level for silver is located at $22.70. In case silver gets above this level, it will head towards the next resistance, which is located at $22.90.

A move above the resistance at $22.90 will push silver towards the resistance at $23.10. If silver settles above this level, it will head towards the next resistance level at $23.40.

On the support side, the nearest support level for silver is located at $22.50. In case silver manages to settle below this level, it will head towards the next support near the recent lows at $22.10. A successful test of the support at $22.10 will push silver towards the support at $21.90.

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